Pinterest to acquire The Yes
Pinterest is to acquire The Yes AI powered shopping platform for an undisclosed sum.
Founded in 2018 by chief executive Julie Bornstein, The Yes enables consumers to shop a personalised feed of fashion based on the user’s active input on brand, style and size.
In a statement, Pinterest said: “With hundreds of brand merchants on its platform, the team at The Yes has built an extensive fashion taxonomy that uses human expertise and machine learning to power a comprehensive algorithm in fashion. The Yes’s brand relationships and shopping expertise can potentially be applied to other categories on Pinterest such as home, beauty and food.”
When the acquisition is completed, Bornstein will remain with the business and will report to Pinterest’s co-founder and chief executive, Ben Silbermann. Pinterest said she will lead shopping vision and strategy across the merged business.
Silberman said: “The Yes team are experts in building an end-to-end shopping experience. They share our vision of making it simple to find the right products that are personalised for you based on your taste and style. We’re very excited about The Yes’s talented team and technology as we build dedicated shopping experiences on Pinterest.”
In the months following completion of the transaction, Pinterest is planning to close The Yes app and website to enable the merged teams to focus on technology integration.
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